3 arrested for Newport Beach home invasion

Three men were under arrest and two other suspects were at large Wednesday after a violent robbery at an Orange County mansion owned by the founder of a collapsed subprime mortgage lender.

Three people suffered head injuries during the home invasion Tuesday night, and one of them was taken to the hospital for treatment.

Public property records show the home in the gated Pelican Ridge development in Newport Beach belongs to Daniel Sadek, former head of Quick Loan Funding, which closed in 2007.

The company, which Sadek founded in 2002, wrote about $4 billion in subprime mortgages before it went under in 2007. Sadek declared bankruptcy in Nevada two months ago.

Four armed men forced their way into the home, while another waited outside, said Newport Beach police Lt. Craig Fox. They took cash and jewelry.

After an 11-hour manhunt, three men were arrested.

It wasn't immediately clear if the robbers knew anyone at the home or what their motive might have been, other than robbery, Fox said. It's unknown if Sadek was home at the time.

The house was the scene of a fire two weeks ago in which a Mercedes Benz caught fire in the driveway. The cause is unknown. Fox said investigators would try to determine whether it might be related to the home invasion.